WTI crude oil futures slipped to around $69 per barrel on Friday, poised for a weekly decline as a strong US dollar continued to weigh on the dollar-denominated commodity.
WTI slips to $69 per barrel
On Wednesday, the Federal Reserve signaled a slower pace of rate cuts for next year, pushing the dollar to a two-year high and raising concerns about the potential impact on fuel demand. Further dampening the outlook, Sinopec, China’s largest refiner, reported on Thursday that the nation’s gasoline demand peaked last year, adding to worries about the world’s largest crude importer. Earlier in the week, oil prices found some support from EIA data showing a larger-than-expected draw in US crude inventories in mid-December and Kazakhstan’s decision to back OPEC+'s extended production cuts, reversing plans to increase output.
Crude remains on track for an annual decline
Despite these temporary boosts, crude remains on track for an annual decline, trading within its narrowest range since 2019, amid weak demand from China and rising non-OPEC production.
